Infinite Banking Life Insurance
Be your own bank (and keep the profits)
The idea of Infinite Banking Life Insurance allows you to build value in a whole life insurance policy, which can be loaned against without having to go to a bank or lender. Essentially, allowing you to become your own bank.
WHAT IT IS
You can borrow from your whole life insurance policy and enter into a private contract with your insurance carrier, which will allow you to take out a policy loan. When you decide to pay back the loan, it’s repaid to the policy. This allows you to avoid fees, credit checks, and taxes that you would encounter with a traditional loan.
WHY IT IS USEFUL:
-You can build wealth without spending money on fees and taxes
-It is easier than obtaining a traditional loan
-Infinite banking policy loans are tax-free
-You can borrow without credit checks, and you are protected from creditors and judgments
-There will be continuous compounding of your cash value even while borrowing
It is important to know that you must be financially responsible enough to be your own banker. A whole life policy (which you’ll need for Infinite Banking Life Insurance) will have higher premiums than other life insurance policies you may be considering. If you are not able to make your insurance premium payments, your policy will lapse.
There are many benefits to Infinite Banking Life Insurance if it is a good fit for you. We are here to help you navigate your options!